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Accounting for Non-Financial Managers:   Session 2 Summary Slides
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Accounting for Non-Financial Managers: Session 2 Summary Slides

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Transcript

  • 1. Accounting for NFM Session 2 The major financial statements – continued Jared Davies
  • 2. The story so far….
    • Why do we need financial statements?
    • Users of Accounts
    • Regulatory Framework
    • The Income Statement
    • The Statement of Financial Position
    • The Accounting Equation
    • Accounting Conventions
  • 3. The story continued….
    • Review Exercise 4 & Homework
    • Exercise 5 – Hughes & Draw
    • Accounting for Inventories, Ex 1 & 2
    • Accounting for Non Current Assets, Ex 3-5
    • Receivables & Impairment
    • Tax and Dividends
  • 4. IAS 2 INVENTORY
  • 5. IAS 2 INVENTORY MEASUREMENT
  • 6. NON CURRENT ASSETS
    • P,P&E recognised when:
      • It’s probable that future economic benefits associated with the asset will flow to the enterprise
      • Cost of the item can be measured reliably
    • Cost can include:
      • Purchase price including import duties
      • Other directly attributable costs, e.g.:
        • Site preparation
        • Installation and assembly costs
        • Dismantling costs
        • For constructed assets – direct labour and materials
  • 7. DEPRECIATION
    • All assets with a limited useful life must be depreciated (land is an exception).
    • Depreciation should be:
      • allocated on a systematic basis
      • Over the asset’s economic useful life
      • Charged as an expense in the I.S.